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Global banks, consulting firms and other multinational companies have begun shutting offices and asking employees to work remotely across parts of West Asia, as tensions escalate following warnings from Iran that economic and financial infrastructure linked to the United States and Israel could be targeted.
The precautionary moves come after Iran’s central military command, Khatam Al-Anbiya, warned that economic and banking interests linked to the United States and Israel could be targeted in response to attacks on Iranian infrastructure.
The developments have triggered concern across the Gulf region, particularly in the UAE, which hosts some of the world’s largest financial institutions and professional services firms.
Citi, Standard Charter, HSBC shut offices
American banking major Citigroup has asked staff to evacuate its offices in Dubai, including those located in the Dubai International Financial Centre (DIFC) and the Oud Metha area.
A memo sent to employees instructed them to work from home until further notice as a precautionary measure, as per news agency Reuters.
Also read: Iran-US-Israel War Live Updates
A spokesperson for the bank said that the company was continuing to take steps to safeguard employees while ensuring that contingency plans were in place to maintain business operations, as per Reuters.
British lender Standard Chartered, which also maintains a significant presence in the United Arab Emirates (UAE), has taken similar precautionary steps, although a spokesperson declined to comment when contacted by Reuters.
Dubai has in recent years become a major financial hub hosting global lenders such as JPMorgan and HSBC, alongside major law firms and asset managers.
Separately, HSBC has closed all of its branches in Qatar until further notice. A notice issued to customers said the decision was taken to ensure the safety of staff and clients, as per Reuters.
Consulting firms follow with wider regional shutdowns
Consulting firms have also responded to the heightened security concerns. Global advisory firms including PwC and Deloitte evacuated their offices in Dubai’s financial districts as tensions intensified, as per news agency AFP.
Also read: Iran tells world to get ready for oil at $200 a barrel as it fires on merchant ships
PwC said it would shut its offices across West Asia — including locations in Saudi Arabia, Qatar, the UAE and Kuwait — for the rest of the week as a precaution.
Deloitte also instructed employees to vacate its premises in the DIFC amid rising threat perceptions.
Other companies operating within the DIFC are also working towards evacuating their offices, as per News18.
Iran warns of targeting financial hubs
Iran’s central military command, Khatam Al-Anbiya, had said that the "enemy has given us free rein to target economic centres and banks belonging to the United States and the Zionist regime," as per News18.
Iranian officials also advised civilians to stay at least one kilometre away from financial infrastructure that might become potential targets.
Tech companies such as Meta, Google, Amazon and Nvidia have also shut their offices across Middle East including Dubai, Israel, Kuwait, Bahrain, and Turkey, among others.
Also read: Musk unveils joint Tesla-xAI project 'Macrohard', eyes software disruption
The precautionary moves come after Iran’s central military command, Khatam Al-Anbiya, warned that economic and banking interests linked to the United States and Israel could be targeted in response to attacks on Iranian infrastructure.
The developments have triggered concern across the Gulf region, particularly in the UAE, which hosts some of the world’s largest financial institutions and professional services firms.
Citi, Standard Charter, HSBC shut offices
American banking major Citigroup has asked staff to evacuate its offices in Dubai, including those located in the Dubai International Financial Centre (DIFC) and the Oud Metha area.
A memo sent to employees instructed them to work from home until further notice as a precautionary measure, as per news agency Reuters.
Also read: Iran-US-Israel War Live Updates
A spokesperson for the bank said that the company was continuing to take steps to safeguard employees while ensuring that contingency plans were in place to maintain business operations, as per Reuters.
British lender Standard Chartered, which also maintains a significant presence in the United Arab Emirates (UAE), has taken similar precautionary steps, although a spokesperson declined to comment when contacted by Reuters.
Dubai has in recent years become a major financial hub hosting global lenders such as JPMorgan and HSBC, alongside major law firms and asset managers.
Separately, HSBC has closed all of its branches in Qatar until further notice. A notice issued to customers said the decision was taken to ensure the safety of staff and clients, as per Reuters.
Consulting firms follow with wider regional shutdowns
Consulting firms have also responded to the heightened security concerns. Global advisory firms including PwC and Deloitte evacuated their offices in Dubai’s financial districts as tensions intensified, as per news agency AFP.
Also read: Iran tells world to get ready for oil at $200 a barrel as it fires on merchant ships
PwC said it would shut its offices across West Asia — including locations in Saudi Arabia, Qatar, the UAE and Kuwait — for the rest of the week as a precaution.
Deloitte also instructed employees to vacate its premises in the DIFC amid rising threat perceptions.
Other companies operating within the DIFC are also working towards evacuating their offices, as per News18.
Iran warns of targeting financial hubs
Iran’s central military command, Khatam Al-Anbiya, had said that the "enemy has given us free rein to target economic centres and banks belonging to the United States and the Zionist regime," as per News18.
Iranian officials also advised civilians to stay at least one kilometre away from financial infrastructure that might become potential targets.
Tech companies such as Meta, Google, Amazon and Nvidia have also shut their offices across Middle East including Dubai, Israel, Kuwait, Bahrain, and Turkey, among others.
Also read: Musk unveils joint Tesla-xAI project 'Macrohard', eyes software disruption
